"With the resolution of the Libor and FX rate-rigging scandals, there were no mega fines bumping up the figures this year. The largest was just £8.2 million for failures in the oversight of outsourced providers. Despite this, there’s little evidence there will not still be "real consequences for those that don’t follow the rules."

The Global Enforcement Review (GER) provides analysis and commentary on global enforcement trends in the financial services industry. To compile this report, we studied published data released by the UK Financial Conduct Authority (FCA), the U.S. Securities and Exchange Commission (SEC), the U.S. Commodity Futures Trading Commission (CFTC), the U.S. Financial Industry Regulatory Authority (FINRA), and the Securities and Futures Commission (SFC) of Hong Kong in 2016 and recent years. We have also explored the enforcement trends in various offshore jurisdictions.